crude oil

Nigeria's oil production declined to 1.627 million barrels per day in recent reporting, missing both budget projections and OPEC quotas, while Dangote Group signed a $400 million equipment deal with China's XCMG to double refinery capacity to 1.4 million bpd.

Africa's largest refinery operator has signed a major equipment deal with China's XCMG Construction Machinery, targeting a 40% capacity increase that would position the facility among the world's top petroleum processing plants.